Apple posts record September quarter of $114.5 billion, but cannot say when iPhone Duo supply will catch up with demand
Apple reported record revenue of $114.5 billion for the quarter ended 26 September, up 12%, with iPhone sales of $57.58 billion, up 17%. Fiscal 2026 revenue reached an all-time high of about $479 billion. The foldable iPhone Duo, which went on sale in October and is not yet in the figures, remains supply-constrained, and executives said they cannot predict when supply and demand will balance.
Apple announced on Monday 2 November that revenue for its fiscal fourth quarter, which ended on 26 September, was $114.5 billion, a September-quarter record and 12% more than a year earlier. Diluted earnings per share were $2.10, up 14%. Gross margin was 47.9%, including a benefit of roughly one percentage point from tariff refunds. iPhone revenue was $57.58 billion, up 17% and also a September-quarter record, while services reached an all-time high of $31.6 billion, up 10%. For the full fiscal year, revenue was a record $479 billion, up 15%, with earnings per share of $8.98. The company's installed base of active devices is now above 2.5 billion.
The figures do not yet include the iPhone Duo, Apple's first foldable phone, which went on sale in October after the quarter closed. Preorders sold out on 16 October and delivery estimates on Apple's store have stretched to late January. On the earnings call, chief operating officer Sabih Khan said the Duo "is constrained as of today" and that "it's really hard to predict when supply and demand will be in balance". Chief executive John Ternus told Reuters that a "very small percentage" of Duo units have been returned with display problems and are being replaced.
Apple also warned about costs. Executives said memory prices were higher than in the previous quarter, driven by demand from the AI industry, and that for the December quarter they expect supply constraints on Mac and iPad, mainly because of memory. Ternus said the company is entering the holiday season with its "most ambitious lineup yet", which includes the iPhone Duo, the iPhone 18 Pro and Pro Max, new home hardware and a new generation of Siri.